NIS facing growing delinquency among employers

The National Insurance Scheme (NIS), given its total assets, is viewed as a top major financial institution in Barbados.

According to Minister of Labour, Social Security and the Third Sector, Colin Jordan, the assets as of March 31st, 2022 stand at 4.033 billion Barbados dollars.

However, the Minister says the entity is facing growing delinquency among some employers, including those who refuse to pay contributions and others, mainly in the construction sector, who refer to employees as sub contractors or self employed persons.

He says a challenge also arises with the level of non-compliance among self employed persons.

Minister Jordan made the revelation as the NIS hosted its ‘Great Employees Matter’ – GEM Awards ceremony, part of activities marking its 55th anniversary.

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